NEW DELHI: Global private equity fund Blackstone may stop its recently set up auto parts joint venture(Jv), Sona Comstar inside the following two years.
"It hangs tight for an opportunity to stop the business through an underlying public offering(IPO). This will be going to occur in the coming years", said by Sunjay Kapur, executive, Sona Comstar.
Couple days back Blackstone finished the securing of a 33% stake in Kapur-drove Sona BLW and teamed up the vehicle leaves Comstar Car Innovation Ltd, the other auxiliary claimed by the PE firm in India. The JV gives items to ordinary, half and half and electric vehicles-centered innovation stages.
Sona BLW accuracy manufacturing is a family endeavor advanced by Kapur. Blackstone bought JM Financial's33% share in Sona BLW in March 2019.
Two or three months back, Blackstone had procured Chennai-based vehicle parts creator Comstar Car for about Rs 1000 crore. It is a piece of the PE company's car portfolio centered around electric charging and beginning arrangements.
Blackstone declined to comment on its Initial public offering plans. As demonstrated by the two people educated above, Kapur holds a 35% offer in Sona Comstar, while Blackstone has 65%.
The valuation of Sona Comstar has extended from $400 million to about $510 million. Kapur, who had 67% in Sona BLW, said that he didn't weaken his offer in the association.
"At the point when they (JM Financial) left, we any information we didn't pick Initial public offering since we needed to amass a more noteworthy business. We did around with PE firms and felt that Blackstone was also as could be relied upon bring to the table," he expressed, including that he doesn't plan to leave the business or debilitate his stake later on.
The JV empowers the two associations to gain admittance to each other's things and progressions, customer portfolio and local markets. For example, the coordinated efforts will enable Comstar, which secures 85-90% of its wages from charges, amass proximity in the Indian market. Sona BLW, on the other hand, will pick up permission to the Chinese market.
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